| What total amount would Mithilesh get at the end of three years if he invests an amount of Rs. 11200 in a scheme which offers simple interest at the rate of 8.5% per annum for three years? [Indian Bank (PO) 2011] |
A) Rs. 14056
B) Rs. 14348
C) Rs. 13852
D) Rs. 15064
E) None of these
Correct Answer: A
Solution :
| \[\text{SI}=\frac{\text{Principal}\times \text{Rate}\times \text{Time}}{100}\] |
| \[=\frac{11200\times 8.5\times 3}{100}=2856\] |
| \[\therefore \]Sum after 3 yr = 14056 |
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